City Of Greenboro: Councilmember Hoffmann Appointed To NC Local Government Commission

Greensboro NC

23 November, 2021

12:03 PM

Description

Press release from the City of Greensboro: 11/23/2021 8:23 AM Greensboro City Councilmember Nancy Hoffmann has been appointed to the North Carolina Local Government Commission (LCG) by Gov. Roy Cooper. Hoffmann's appointment runs through June 30, 2025. The nine-member commission is responsible for addressing issues in local government finance. The commission was created in 1931 to address finance issues arising during the Great Depression. The commission's focus is in three areas of responsibility and authority: First, a unit of government must seek LGC approval before it can borrow money. In reviewing each proposed borrowing, the LGC examines whether the amount being borrowed is adequate and reasonable for the project and is an amount the unit can reasonably afford to repay. Second, once a borrowing is approved, the LGC is responsible for selling the debt (or bonds) on the unit's behalf. While state agencies in some other states are charged with approving local government debt, it is the combination of the power of approval with the power of sale that makes the LGC unique in the nation. Third, the LGC staff oversee the annual independent auditing of local governments, monitors the fiscal health of local governments, and offers broad assistance in financial administration to local governments. Greensboro City Councilmember Nancy Hoffmann has been appointed to the North Carolina Local Government Commission (LCG) by Gov. Roy Cooper. Hoffmann's appointment runs through June 30, 2025. The nine-member commission is responsible for addressing issues in local government finance. The commission was created in 1931 to address finance issues arising during the Great Depression. The commission's focus is in three areas of responsibility and authority: First, a unit of government must seek LGC approval before it can borrow money. In reviewing each proposed borrowing, the LGC examines whether the amount being borrowed is adequate and reasonable for the project and is an amount the unit can reasonably afford to repay. Second, once a borrowing is approved, the LGC is responsible for selling the debt (or bonds) on the unit's behalf. While state agencies in some other states are charged with approving local government debt, it is the combination of the power of approval with the power of sale that makes the LGC unique in the nation. Third, the LGC staff oversee the annual independent auditing of local governments, monitors the fiscal health of local governments, and offers broad assistance in financial administration to local governments. This press release was produced by the City of Greensboro. The views expressed here are the author's own.